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Siemens Gamesa suffers first-quarter loss due to component failures

4C Offshore | Tom Russell
By: Tom Russell 20/01/2023 Siemens Gamesa Renewable Energy

Wind turbine manufacturer Siemens Gamesa Renewable Energy (Siemens Gamesa) has been impacted by charges of €472 million due to specific components in its wind turbine fleet.

According to its preliminary results for the first quarter of financial year 2023, the charges reflect the outcome of the evaluation of the installed fleet, during which the company detected a negative development of failure rates in specific components resulting in expected higher warranty and service maintenance costs than previously estimated.

Its preliminary unaudited earnings of the first quarter of financial year 2023 include an order intake of c. €1.6 billion with the order backlog amounting to c. €33.7 billion at the end of the quarter. The company reports a revenue of of c. €2.0 billion and EBIT pre PPA and I&R costs of c. -€760 million. Its Net debt is around €1.9 billion.

Last year Siemens Gamesa launched the Mistral program, which it revealed in its preliminary results is making progress towards the stabilisation of the business and return to profitability.

The full first quarter results of fiscal year 2023 will be published on February 2 2023.

Siemens Gamesa manufacturers turbines for deployment both onshore and offshore. Last week it secured a Preferred Supplier Agreement for 72 units of its SG 14-236 DD offshore wind turbines to be installed at RWE’s 1,000 MW Thor offshore wind project. In addition, a service contract for the wind turbines is included. All deliveries are subject to RWE’s final investment decision.

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